When the household market in Europe and the United States in 2023 demand stabilized, China's large ground power plant installed capacity explosive growth, becoming a huge blue ocean.

 

 

 

Sineng Electric (300827.SZ) released a performance forecast on January 30, expected net profit of 250 million yuan to 310 million yuan in 2023, an increase of 206.5% to 280% year-on-year.

 

 

 

 

 

 

 

In 2022, Sineng Electric began to make profits, and the annual report showed that the company's total revenue was 2.339 billion yuan, up 114.08% year-on-year; net profit was 82 million yuan, up 38.46% year-on-year.

 

 

 

Companies mainly engaged in household storage products compete in overseas regions to a white-hot stage. In the third quarter of 2023, as inventories still climbed to a high level, the shipment volume of such enterprises dropped significantly, and net profit showed a significant decline.

 

 

 

And in 2023, silicon and lithium carbonate prices fell back to drive down component prices such as modules and battery packs, China's photovoltaic market scale is expanding rapidly, the demand for ground-based power plants discharge, the main large-scale centralized/string inverters on the energy electric scale effect, profitability rate increased significantly. 2023 the first three quarters of the total revenue of 3.311 billion yuan on the Sineng electric, an increase of 210.59% year-on-year; Net profit of 208 million yuan, an increase of 359.04%.

 

 

 

In 2024, under the stimulation of national policy subsidies, the large ground power plant market will continue to maintain a high growth rate, on the Sineng electric performance is expected to rise.

 

 

 

Photovoltaic revenue accounted for 59.83% in the first half of the year

 

 

 

Relevant data show that, with the national "double carbon" goal to promote, in the first half of 2023, China's new photovoltaic grid-connected capacity of 78.42GW, a year-on-year increase of 154%, of which 37.46GW centralized, distributed 40.96GW.

 

 

 

Starting from the fourth quarter of 2022, Sineng Electric's earnings growth accelerated. from the fourth quarter of 2022 to the third quarter of 2023, Sineng Electric's earnings multiplied for four consecutive quarters.

 

 

 

 

The surge of Sineng Electric's performance in 2023 is mainly due to China's large-scale ground power plant installed capacity entering a period of rapid growth.

 

 

 

Centralized ground power plant is mainly to centralized state-owned enterprises bidding, and on can electric in 2023 in China ground power plant bidding steadily ranked in the top three. 2023 first half, the photovoltaic industry in the on can electric operating income accounted for 59.83%.

 

 

 

On the basis of completing the business layout of ground-mounted photovoltaic power plant market in India, Southeast Asia, the Middle East and Europe, Shangneng Electric continues to increase the overseas expansion of other businesses and market segments, including the development of large-scale energy storage power plant market mainly in North America, and distributed photovoltaic and household storage market in Europe.

 

 

 

Energy storage PCS is expected to generate revenue of 250 million yuan

 

 

 

From January to June 2023, the new installed capacity of new energy storage in China was 8GW/18.2GWh, and the scale of new installation has exceeded that of the whole year of 2022. As a light storage synergistic development enterprise, PV inverter, energy storage bidirectional converter and system integration products are the main products of Sineng Electric.

 

 

 

 

 

 

In the first half of 2023, the company achieved a total operating income of 818 million yuan in energy storage bidirectional converter and system integration products, up 2,048.15% year-on-year, accounting for 37.55% of the total operating income.

 

 

 

Relevant data shows that Sineng Electric has been ranked No.1 in energy storage PCS shipments in the Chinese market for two consecutive years in 2021 and 2022.In 2023, the company's revenue from energy storage PCS products is expected to be around RMB250 million, with deliveries of more than 1GW, and the gross profit margin is over 20%, which is kept relatively stable.

 

 

 

In 2022, the company ranked second in the Indian market for inverter grid-connected volume, accounting for about 23.39%. At present, on the basis of completing the business layout of ground-based photovoltaic power plant market in India, Southeast Asia, the Middle East, Europe, etc., Sineng Electric continues to increase the overseas expansion of other businesses and market segments.